福斯达 20250723 摘要 福斯达 2025 年上半年营收同比增长 154%-190%，主要受益于海盐生 产基地投产，提升了大型装备尤其是海外项目的交付能力。累计订单超 110 亿元，上半年收入约 15 亿元。 公司海外市场收入占比 70%，海外项目平均毛利率超 30%，国内项目 约 15%，整体毛利率提升。上半年新签订单约 12 亿元，空分设备占 70%，液化天然气相关设备占 20%。 国内市场竞争激烈，未能获得大额订单，海外市场表现优异，尤其在化 工油气领域，有望完成全年目标。早期进入海外市场积累的经验是关键 优势。 2025 年上半年项目交付顺利，70%来自海外。预计下半年国内交付量 增加，但全年仍以海外为主，预计全年交付额约 30 亿元人民币。 2025 年第一季度利润率接近 20%，上半年整体利润率保持在 10%以上， 高于去年水平，毛利率呈上涨趋势。预计下半年国内项目占比增加将对 利润率有所支撑。 Q&A 福斯达公司在 2025 年上半年的业绩表现如何？ 福斯达公司在 2025 年上半年取得了显著的业绩增长。净利润达到 2.25 亿至 2.6 亿元，同比增长 115%至 148%。扣除非经常性 ...

证 券 研 究 报 告 机械行业周报（20250714-20250720） 推荐（维持） 关注新技术方向：AI 设备耗材及人形机器人 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 65.19 | 2.12 | 2.55 | 3.01 | 30.78 | 25.59 | 21.65 | 5.34 | 强推 | | 法兰泰克 | 9.66 | 0.60 | 0.76 | 0.94 | 16.11 | 12.63 | 10.24 | 2.19 | 强推 | | 信捷电气 | 58.60 | 1.83 | 2.30 | 2.78 | 31.97 | 25.51 | 21.07 | 3.69 | 强推 | | 欧科亿 | 19.46 | 0.71 | 1.02 | 1.25 | 27.59 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 225 to 260 million yuan for the first half of 2025, representing a year-on-year increase of 115.36% to 148.86%. The net profit after deducting non-recurring items is expected to be between 223 to 258 million yuan, reflecting a year-on-year growth of 154.59% to 194.64% [1]. - The company has successfully optimized its delivery capacity through the production of fundraising projects, leading to significant improvements in profitability. The overseas projects are progressing smoothly, contributing to a robust revenue growth [7]. - The company has maintained a high level of new orders, with the total new signed orders for 2022, 2023, and 2024 being approximately 3.775 billion, 4.1 billion, and 4 billion yuan respectively, indicating strong future revenue and profit support [7]. Financial Summary - Total revenue is projected to grow from 2,419 million yuan in 2024 to 2,937 million yuan in 2025, reflecting a year-on-year growth rate of 21.4% [3]. - The net profit attributable to shareholders is expected to increase from 261 million yuan in 2024 to 389 million yuan in 2025, with a growth rate of 48.9% [3]. - Earnings per share (EPS) are forecasted to rise from 1.63 yuan in 2024 to 2.43 yuan in 2025 [3]. Market Position and Competitive Advantage - The company has made significant breakthroughs in the petrochemical industry, securing several large-scale air separation unit orders, which enhances its competitive edge in high-end product markets [7]. - The company has strategically expanded into overseas markets, with overseas revenue accounting for 42.4% and 39.1% in 2023 and 2024 respectively, significantly higher than the industry average [7]. - The company is positioned as a leading enterprise in the air separation equipment industry, combining high-quality German standards with local business practices, which is expected to drive future growth [7].

证券代码：603173 证券简称：福斯达 公告编号：2025-029 杭州福斯达深冷装备股份有限公司 2025年半年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升50%以上。 ● 公司预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润22,250.00万元到 25,750.00万元，与上年同期（法定披露数据）相比，将增加13,510.39万元到17,010.39万元，同比增加 154.59%到194.64%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年6月30日 （二）业绩预告情况 ● 杭州福斯达深冷装备股份有限公司（以下简称"公司"）预计2025年半年度实现归属于母公司所有者的 净利润22,500.00万元到26,000.00万元，与上年同期（法定披露数据）相比，将增加12,052.50万元到 15,552.50万元，同比增加115.36%到148.86%。 经财务部门初步测算，预计20 ...

证券代码：603173 证券简称：福斯达 公告编号：2025-029 杭州福斯达深冷装备股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升 50%以上。 ? 杭州福斯达深冷装备股份有限公司（以下简称"公司"）预计 2025 年半 年度实现归属于母公司所有者的净利润 22,500.00 万元到 26,000.00 万元，与上 年同期（法定披露数据）相比，将增加 12,052.50 万元到 15,552.50 万元，同比 增加 115.36%到 148.86%。 ? 公司预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益 的净利润 22,250.00 万元到 25,750.00 万元，与上年同期（法定披露数据）相比， 将增加 13,510.39 万元到 17,010.39 万元，同比增加 154.59%到 194.64%。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现 ...

杭州福斯达深冷装备股份有限公司（以下简称"公司"）预计 2025 年半 年度实现归属于母公司所有者的净利润 22,500.00 万元到 26,000.00 万元，与上 年同期（法定披露数据）相比，将增加 12,052.50 万元到 15,552.50 万元，同比 增加 115.36%到 148.86%。 公司预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益 的净利润 22,250.00 万元到 25,750.00 万元，与上年同期（法定披露数据）相比， 将增加 13,510.39 万元到 17,010.39 万元，同比增加 154.59%到 194.64%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 证券代码：603173 证券简称：福斯达 公告编号：2025-029 杭州福斯达深冷装备股份有限公司 2025 年半年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升 ...

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Core Viewpoint - The company Fosda has experienced significant growth in revenue and net profit in the first quarter of 2024, driven by the booming coal chemical industry, particularly in Xinjiang, which has favorable resources, policies, and economic conditions [1][2][3][4] Company Performance - In Q1 2024, Fosda reported a revenue of 594 million yuan, a year-on-year increase of 69.04%, and a non-net profit of 115.35%, indicating strong sales growth and improved profit margins [4] - The company distributed a cash dividend of 79.21 million yuan, accounting for 30.33% of the net profit attributable to shareholders, reflecting a balance between shareholder returns and future business expansion [3][4] Industry Trends - The coal chemical industry is gaining momentum, with a projected investment of 1,032.9 billion yuan by the end of 2024, translating to an average annual investment of 206.58 billion yuan over five years [2] - Xinjiang's coal production is expected to reach 54 million tons in 2024, a year-on-year increase of 17.5%, positioning it as a key contributor to China's coal supply and coal chemical development [1][2] Market Opportunities - The coal chemical sector, including coal-to-oil, coal-to-olefins, and coal-to-natural gas, is increasingly seen as a viable alternative to traditional oil and gas due to high international oil prices [2] - Fosda, as a manufacturer of cryogenic equipment essential for coal chemical processes, stands to benefit significantly from the growing demand for industrial equipment in this sector [1][3]

Core Points - The company announced a cash dividend of 0.50 CNY per share for the fiscal year 2024, approved at the annual shareholders' meeting on May 14, 2025 [2][3] - The total number of shares eligible for the dividend distribution is 158,416,500, resulting in a total cash dividend payout of 79,208,250 CNY [3][6] - The dividend distribution will exclude 1,583,500 shares held in the company's repurchase account [3][4] Distribution Plan - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [2][3] - The company will not issue additional shares or bonuses, focusing solely on cash dividends [4][6] Taxation Details - For individual shareholders holding unrestricted shares, no income tax will be withheld at the time of dividend distribution; tax will be calculated based on the holding period when shares are sold [8][9] - The effective tax rates for individual shareholders vary based on the holding period, with a maximum of 20% for shares held for one month or less [8][9] - For foreign institutional investors, a withholding tax of 10% will apply, resulting in a net cash dividend of 0.45 CNY per share after tax [10][11]

民生证券股份有限公司关于 杭州福斯达深冷装备股份有限公司差异化分红事项的核查意见 民生证券股份有限公司(以下简称"民生证券"、"保荐机构")作为杭州福斯 达深冷装备股份有限公司（以下简称"福斯达"、"公司"）首次公开发行人民币普 通股(A 股)并上市的保荐机构,根据《公司法》《证券法》《上市公司股份回购 规则》《上海证券交易所上市公司自律监管指引第 7 号 -- 回购股份》《上海证券 交易所上市公司自律监管指南第2号 -- 业务办理》等相关法律、法规及规范性 文件的规定,对公司 2024年度利润分配所涉及的差异化分红〈以下简称"本次 差异化分红")相关事项进行了审慎核查,并出具核查意见如下: 一、本次差异化分红的原因 公司于 2024年 9 月 13 日召开第三届董事会第十五次会议,审议通过了《关 于以集中竞价交易方式回购股份方案的议案》,同意公司以自有资金通过集中竞 价交易方式回购部分公司股份,并在未来适宜时机用于员工持股计划或股权激 励。本次回购股份的价格不超过人民币 23 元/股（含),回购股份资金总额不低 于人民币 1,500万元(含)且不超过人民币 3,000万元 (含)。回购期限为自公司 第三届董 ...